NatWest And HSBC Payment Network Issues, Bitcoin Carries On Like Usual
If there was ever a doubt regarding how little innovation there has been in the financial sector over the past 50 years, the recent NatWest outage and HSBC payment issues are a fine example. The banking system as we all know it is struggling to keep up with new forms of technology, and the sector needs a major overhaul to say the least. While these issues took place, the Bitcoin network carried on like nothing happened. The final “back to school” weekend of 2015 has not been the best for financial institutions around the world. Two major banks faced serious problems, leading to an outage....
Related News
HSBC said the transaction over the Contour trade finance blockchain platform slashed the time normally taken to process letters of credit.
The major retail and commercial financial institution National Westminster Bank (Natwest) has categorized cryptocurrencies as “high risk” and refuses to serve business customers who accept digital assets for payments. A Natwest board member, Morten Friis, explains the bank has no appetite for dealing with these types of customers as Natwest is taking a “cautious approach” toward this technology. Natwest Will Refuse to Do Business With Companies That Accept Cryptocurrencies Reports show that the popular UK-based financial incumbent and wealth manager Natwest is....
A major British bank, Natwest, has put a limit on fund transfers to cryptocurrency exchanges over concerns of fraud and scams related to cryptocurrencies. The bank is also blocking payments to a number of cryptocurrency asset firms. Natwest says the two moves are necessary to protect customers. Natwest Places Limit on Transfers to Crypto Exchanges National Westminster Bank, commonly known as Natwest, is a major retail and commercial bank in the United Kingdom. A spokesperson for the bank told Reuters Tuesday that the bank has capped the daily amount customers can send to cryptocurrency....
HSBC has confirmed its bitcoin and cryptocurrency stance as a growing number of major banks are beginning to offer crypto services. CEO Noel Quinn says that HSBC views bitcoin as an asset class rather than a payments vehicle but the bank is not rushing into providing cryptocurrency investments for clients. HSBC Confirms Crypto Stance HSBC CEO Noel Quinn said that the bank “has no plans to launch a cryptocurrency trading desk” or offer cryptocurrencies as investments to customers, Reuters reported Monday. Quinn was quoted as saying: “Given the volatility we are not into....
U.K. commercial bank NatWest says it does not want to do business with clients and customers who deal in crypto. Corporate clients of NatWest may soon lose their banking relationship with the United Kingdom-based lender amid recent negative cryptocurrency-related policy statements.According to a report by The Guardian, Morten Friis, the head of the bank’s risk committee, has revealed that NatWest will refuse service to business customers that accept cryptocurrency payments.Friis made the bank’s position known during Wednesday’s shareholder event, stating:“We have no appetite for dealing....